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Assignment Task

Question 1

Which type of distribution did you use for the probability of an accident occurring?
Group of answer choices

• Exponential

• Discrete

• Poisson

• Normal

Question 2

Which type of distribution did you use for the cost of an accient?

Group of answer choices

• Binomial

• Discrete

• Poisson

• Normal

Question 3

In this model, you should not experience an out of pocket expense when also experiencing a claim.
Group of answer choices

• True

• False

Question 4

As part of your analysis of your model, summarize your data table by calculating how often you filed a a claim and how often you just went and bought a different car. Also include the average & sample std dev for the out of pocket expense. Include the answers here as well as the cells requested in the excel file.

Question 5

This question will require you to alter your model to test your calculations.
Set the uncertainty for an accident such that an accident happens. Set the Cost of the damages to 6000.

What is the out of pocket expense with these settings?

Question 6 

Set the uncertainty for an accident such that an accident happens. Set the Cost of the damages to 2700.

What is the out of pocket expense with these settings?

Question 7
 
Which of the following is the decision variable in this model?

Group of answer choices

• Cheese available for sale

• Amount of Deposit to require

• % of customers placing pre-orders

• Restaurant price

Question 8

There are three uncertain (random) variables in this problem. Select the variables that should represent uncertainty in this model.

Group of answer choices

• Restaurant Price

• Cheese available for sale

• How much you can charge for an order

• Pre-Orders Placed

• Pre-Orders Picked up

• What type of cheese to sell

Question 9

What is the output of your model?

Group of answer choices

• Pre-order Price

• Profit

• Revenue

• Costs

Question 10

Adjust your model with the following:

Deposit Required = .5?Cheese orders available= 1800?Pre-Orders Placed = 1700?Pre-Orders Picked up = 1600

What is the profit under these conditions?

Question 11

Adjust your model with the following:

Deposit Required = .5?Cheese orders available= 1400?Pre-Orders Placed = 1700?Pre-Orders Picked up = 1600

What is the Profit under these conditions?

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